TheBlock
Canary Capital has launched the Canary Staked INJ ETF on Nasdaq under the ticker INJC, offering investors exposure to Injective's native token and potential staking rewards. INJ rose more than 5% on Thursday. Injective says it has tokenized over $1 billion in assets to date.
Why it matters
The fund seeks to earn additional INJ through Injective's proof-of-stake validation process, with net staking rewards reflected in its net asset value. It gives investors a way to access INJ through brokerage accounts rather than holding and staking the token directly.
Injective is a Layer 1 blockchain focused on financial applications, including trading, derivatives and tokenization. Canary Capital CEO Steven McClurg said investors are increasingly looking beyond the largest digital assets toward specialized networks building onchain financial infrastructure.
Market impact
The Nasdaq debut adds a listed investment vehicle for INJ as two other funds remain proposed: the 21Shares Injective ETF and the REX-Osprey INJ Staking ETF. The token's gain on Thursday coincided with the launch, though the move does not establish its cause.
Injective Institutional Services, an affiliate of the network, became an SEC-registered transfer agent in August. As of Oct. 22, Injective had processed more than 3.13 billion transactions and permanently burned more than 7.27 million INJ through monthly token buybacks.
Frequently asked questions
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How does the Canary Staked INJ ETF seek to earn rewards?
The fund seeks to earn additional INJ through Injective's proof-of-stake validation process. Net staking rewards are reflected in the ETF's net asset value.
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What ticker does the Canary Staked INJ ETF trade under?
The fund trades on Nasdaq under the ticker INJC.
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How did INJ perform on Thursday?
INJ rose more than 5% on Thursday. The gain coincided with the ETF launch, but does not establish that the launch caused the move.
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Which other funds tied to INJ have been proposed?
The 21Shares Injective ETF and the REX-Osprey INJ Staking ETF are also proposed.
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What financial applications does Injective focus on?
Injective is a Layer 1 blockchain focused on onchain financial applications, including trading, derivatives and tokenization. It says it has tokenized over $1 billion in assets.
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